This is from the "Q" (page 3) and may be what you are talking about, with your lower grades.
The contract is for a min. grade of 48%. Brewer would like 53%
Which leads to questions. Will each shipment be tested and payment given on the quality of each shipment?
These grades are only in 3 reefs in Chowa.(small scale open pit ) So they can not have any really idea what is out side of the open pit.
If they can prove up a JORC and map this resource, then they might have something as you said. The concern here, as is a real management risk. Passed behaviour, is a good predictor of future behaviour.
You can see by the heavy discount placement ($1,482,000) and 15% ($219,546) cut to Komodo ,16% cut to the underwriters ($255,244), that you can expect more of the same.
China has also been putting the pressure on Iron ore suppliers as well.
ZZ-Vol. Once challenged, these pack ramper are always exposed. Keep challenging them, and do your research.
KAB Price at posting:
2.2¢ Sentiment: None Disclosure: Not Held
